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(Z1) Bearish Price Sequence

BUND TECHS
  • RES 4: 174.33 High Aug 17
  • RES 3: 173.93 High Aug 25
  • RES 2: 173.54 High Aug 31
  • RES 1: 172.76 High Sep 2 and 3
  • PRICE: 172.22 @ 05:19 BST Sep 6
  • SUP 1: 172.01 Low Sep 3
  • SUP 2: 171.79 2.00 proj of the Aug 5 - 11 - 17 price swing
  • SUP 3: 171.49 2.236 proj of the Aug 5 - 11 - 17 price swing
  • SUP 4: 171.30 2.382 proj of the Aug 5 - 11 - 17 price swing

Bund futures are trading closer to recent lows. Price action last week moved below the 50-day EMA on the continuation chart, reinforcing bearish conditions. Furthermore, the contract maintains a bearish price sequence of lower lows and lower highs. Further weakness is likely. The focus is on 171.79 next, a Fibonacci projection. On the upside, initial resistance is seen at 172.76, Sep 2 and 3 high.

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